Receivers sell Serepisos property below value
Receivers have sold the IVIVI Building on Wellington's Victoria Street, formerly owned by embattled developer Terry Serepisos' company 79 Manners Street.
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Local Govt
Receivers have sold the IVIVI Building on Wellington’s Victoria Street, formerly owned by embattled developer Terry Serepisos’ company 79 Manners Street.
The 11-story office building with 14 car parks on separate unit titles adjacent was sold for $4,300,000 with multiple-party interest to a local investor.
The property had a rateable value of $6 million.
Mr Serepisos has been engaged in a series of court actions brought by creditors demanding repayment.
79 Manners Street was tipped into receivership in May by lender Equitable Mortgages.
More recently Mr Serepisos told the High Court he was seeking to sell down his entire property empire to satisfy creditors owed $200 million.
Nicola Williams
Fri, 09 Sep 2011
Fri, 09 Sep 2011
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Receivers sell Serepisos property below value
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